How To Choose A Debt Management Program
Choosing the best debt management program for you can be difficult. When looking for a debt management program, it’s important to consider the following criteria. Making a bad choice can leave you in a worse financial position than when you started.
Choose a non-profit provider
You should only consider debt management programs from 501(c)(3) nonprofit organizations like InCharge Debt Solutions. Nonprofit debt relief companies will provide you with a free credit counseling session, explain your debt relief options, and point you toward a solution that is best for your situation. Nonprofit credit counseling agencies can also refer you to other resources, governmental support and nonprofit organizations that can help you with other challenges you face. Nonprofit credit counselors are highly trained, caring and put your interests first.
Choose an NFCC-Affiliate
You want to work with a nonprofit credit counseling agency that is affiliated with the NFCC, the National Foundation for Credit Counseling. This organization, founded in 1951, requires its member agencies to uphold the highest standards in counseling and customer service. An NFCC-affiliated credit counseling firm will provide you with best-in-class service and solutions that are customized to your personal financial situation.
Check The BBB Profile
Any company you are considering working with should have a strong Better Business Bureau profile. Search the company name on the BBB website and review the overall letter grade and the complaint history. You want to see that the company you’re working with has a low number of complaints and has worked to resolve them. You can review InCharge Debt Solution’s BBB profile here. We are proud of our A+ rating from this trusted organization.
Council on Accreditation (CoA) Status
You want to make sure that the debt management company you work with is accredited by the Council on Accreditation. CoA accredits organizations that adhere to the highest standards in counseling for the benefit of individuals, families and communities. The CoA mark represents a high level of accountability, efficiency, data protection and employee qualifications. When you work with a credit counselor from a CoA-accredited organization, you can be assured that you are receiving the highest quality of service in the industry. InCharge is proud to maintain CoA accreditation.
Review Your Action Plan & Agreement
Don’t sign onto a debt management program if you don’t understand the terms of your repayment plan or agreement. Call a counselor and ask questions. Make sure you thoroughly understand your monthly payment, fees charged by the agency, penalties for dropping out of the program and how many years until you will be debt free. Review interest savings estimates from different agencies. Once you have all the facts, you’ll be able to make an informed choice that you can feel confident with while you pay off your debt. A debt management program is a long-term relationship that should not be entered into lightly. Call InCharge Debt Solutions for a free analysis or start online. We’re here to help you understand your options and make the best choice for your circumstances.